St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-03-22
Banks and Trust Companies.


AN ACT to amend chapter 8 Of the General
Laws OF 1883 defining the duties and powers
OF annuity. safe deposit and trust companies,
approved March ), 1885.
BE 1t enacted by the Legislature Of the State Of
Minnesota:
j, SECTION 1. That chapter three 81 of the
General Laws OF One thousand eight hundred
and eightyfive 1855, approved March fifth
1888, and entitled An act TO amend an act en-
titled an act TO authorize the incorporation and
organization OF annuity, safe deposit and trust
companies, approved March fifth. one thousand
eight hundred and eighty-three QSS3), be- and
The same is hereby amended By adding the fol-
lowing as additional subdivisions to section
seven "a OF said chapter three 81 OF the Gen.
eral Laws of 1885, that is to say:
Ienth-Any such corporation which has been
heretofore. or may hereafter become incorpor-
ated ana organized, and made the deposit, and
received, or shall hereafter receive the certifi-
cate or the state auditor as provided in said
section flve 10 Of said act of one thousand
elght hundred and eighty-three (1SS:) or OF
SAID amenuatory act Of one thousand eight hum
dred and eigh5y-five 1850, and which shall
nave, or shall hereafter be appointed as execu-
tor Oh or trustee under, any last Will and tesla
ment, or as administrator OF any estate or as
guardian of the estate of any minor, spend
thrift, or other person under guardianship, or
as asslgnee receiver, or as trustee TO execute
any other trust. by any court, or by any munic-
1pal or other public corporation, or person, and
winch shall have accepted and entered upon. or
snail hereafter accept and enter upon the duties
OF any Such trust shall thereafter be fully quail
lied to fully discharge and perform such trust
WlChout entering into or giving any sale bond
replevin bond, attachment bond. injunction and
appeal bond. or other bond undertaking. or Sc
curity whatsoever. which a natural person
would be required to furnish or enter into in
the progress OF the execution of any will, or the
settlement Of any estate, or IN any suit, action
or special proceedings or sale of real or ner-
sonal property during the performance of any
such trust, in any court in this state
Eieyenth-Any executor. administrator or
guardian, now or hereafter to be appointed may
resign his trust in favor of corporation organ
lied and doing business under this act and
thereupon such corporation may be appointed
in place of such executor, administrator or
guardian, by any caur5 which has Jurisdiction
OF the subject matter Of such trust, upon such
terms and conditions as such court may pre-
scribe"
SEC, 2. That so much of the first subdivis-
ion OF section five (5) of said chapter three 80
OF the Laws OF 1885 au; horizes and empow-
ers companies organized under said act TO in
sure owners of real estate, mortgages and 9TH
ers interested in real estate from loss by reason
OF defective titles, liens and membranes, be
and the same is hereby repealed. But this ap-
peal shall not affect or be construed as referring
to any company which has been heretofore or
ganlzed under said act as so amended.
SEC. 3. This act shall take effect and be in
force from and after its passage.
Approved March 9TH, 1857